Here are the details from Praemium's fee change. Because of these changes, Nucleus is transitioning sub $200,000 clients to other platforms.
Please contact us if you have any concerns.
What's changing? |
| The following changes will be effective on 1 April 2024 and updates will be reflected in both the SMA and SuperSMA Product Disclosure Statements |
| Fees and other costs |
Current Charge |
Effective 1 April 2024 |
| Transaction costs |
Brokerage charge 0.055% Settlement fee $0.87 |
Brokerage charge 0.099% Settlement fee $0.55. |
| Expense Recovery Fee |
Up to $100 per annum |
Up to $150 per annum. |
| Fund Accounting Fee |
$12 per month Not applicable for SMA |
$16 per month in SuperSMA. The name of the fee will change to Account Keeping fee. $8 per month in SMA |
| Administration Fee |
0.00% for balances of $1,000,001 - $2,500,000 |
0.04% for balances of $1,000,001 - $2,500,000 $15 per month minimum administration fee on all accounts. |
| Cash Administration Fee |
1.30% |
1.40% |
| Foreign exchange margin |
Praemium executes foreign exchange trades using an auto-FX product provided by the custodian and passes through the 0.15% margin to investors. |
Praemium will manage foreign exchange trades internally to achieve more favourable pricing. A margin of 0.20% will be applied to executed trades. |
| Managed Fund Buy/Sell netting |
Praemium nets managed fund orders and applies the executed price to both buyers and sellers |
Praemium will continue to net managed fund orders and ensure that buyers and sellers receive the quoted fund entry and exit prices. Any netting efficiencies will be retained by Praemium. |
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| All fees shown in this document are GST inclusive where applicable. |
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Damien has a wealth of experience across international equities (Schroders), asset allocation (Wilson HTM) and he helped create one of Australia’s largest independent research firm, Aegis Equities. He lectured for over a decade at the Securities Institute, Finsia and Kaplan and spent many of those years as the external Chair for the subject of Industrial Equity Analysis. Damien runs the investment side of Nucleus Wealth, selecting stocks suggested by analysts and implementing the asset allocation. Damien started Nucleus Wealth after 20+ years in financial markets. He wanted to come up with an investment solution for ordinary investors that delivers the same types of personalised investment portfolios high net worth investors use.
